Press release
RFID (Radio Frequency Identification) Technology Market 2019 Is Booming Worldwide | Accenture, Atmel, 3M, HITACHI, Siemens, IBM, AAID Security Solutions
RFID Technology Market
Market Dynamics
Radio-frequency identification (RFID) works on radio frequency technology, wherein digital information is encoded in smart labels or RFID tags. This technology is based on wireless technology that utilizes radio-frequency electromagnetic waves for transferring data from a tag attached to an object, for various reasons such as tracking of objects and automatic identification. RFID technology holds immense potential in the healthcare industry owing to the growing use of tagging for locating various healthcare assets, increasing demand for reducing medication errors and combating counterfeit.
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Companies Covered in this Report
Accenture, Atmel, 3M, HITACHI, Siemens, IBM, and AAID Security Solutions
Radio-frequency identification system minimizes the risk of unacceptable (i.e., recalled, and expired), counterfeited, and adulterated drugs by enabling manufacturers to track products as it moves through the supply chain. Thereby, companies can achieve more accurate recalls, improve their operational efficiencies, and in the long run, gain valuable business proficiency. Likewise, due to enhanced visibility over the value chain, helps hospital facilities to stop the growth and spread of "unofficial" inventory. Major applications of RFID in healthcare are tracking medical hospital equipment, patient identification, tracking medication from pharmacy to patient and blood transfer monitoring. On contrary, despite such bright prospects vis-?-vis revenue, the global industry is expected to face challenges in terms of increasing sale of cheaper barcode systems and privacy issues.
Products Takeaway
In terms of products, the market is broadly divided as readers, tags, and middleware. RFID Tags are the largest revenue-generating segment, accounted for over 60% of the industry revenue throughout the study period. Wide application areas in various assets, drugs, and medical devices support the segment growth. The RFID tag is a device, which consists of a microchip attached with an antenna.
Application Takeaway
Application wise, the industry is bifurcated as Hospital Equipment Tracking, Blood Transfer Monitoring, Pharmacy - Patient Medication Tracking, Patient Identification, and Localization. Among which hospital equipment tracking recorded maximum revenue share, with USD 896.3 million in 2017. This system is proven to be the most effective technology in tracking medical devices as it eliminates the extra time consumed during the usage of conventional tracking systems.
Regional Takeaway
Regionally, North America accounted for the highest revenue share. The market is determined to cross more than USD 1.5 billion in 2017 owing to the favorable government initiatives coupled with the technology advancements. In addition, Asia Pacific region is considered to be an important market due to the recent increase in the product installations in hospitals and other medical facilities.
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Table of Contents
1. RFID (RADIO FREQUENCY IDENTIFICATION) TECHNOLOGY MARKET OVERVIEW
2. EXECUTIVE SUMMARY
3. RFID (RADIO FREQUENCY IDENTIFICATION) TECHNOLOGY KEY MARKET TRENDS
4. RFID (RADIO FREQUENCY IDENTIFICATION) TECHNOLOGY INDUSTRY STUDY
5. RFID (RADIO FREQUENCY IDENTIFICATION) TECHNOLOGY MARKET LANDSCAPE
6. RFID (RADIO FREQUENCY IDENTIFICATION) TECHNOLOGY MARKET - BY PRODUCTS:
7. RFID (RADIO FREQUENCY IDENTIFICATION) TECHNOLOGY MARKET - BY APPLICATION:
8. RFID (RADIO FREQUENCY IDENTIFICATION) TECHNOLOGY MARKET- BY GEOGRAPHY
9. KEY VENDOR ANALYSIS
10. 360 DEGREE Publisher
11. APPENDIX
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